$DOGE is on fire today as it looks more and more likely that Tesla CEO and Dogecoin fan Elon Musk will complete his purchase of Twitter.
According to data by TradingView, on Coinbase, at 6:25 a.m. UTC on October 27 $DOGE got as high as $0.0799; currently (as of 10:30 a.m. UTC) DOGE-USD is trading around $0.0756, which means it is up 10.52% in the past 24-hour period.
Social analytics startup LunarCrush said earlier today that Dogecoin is “absolutely crushing it today” in terms of 24-hour social volume and social engagements:
And Jay Hao, the CEO of crypto exchange OKX, pointed out earlier today that the DOGE-USD trading pair had the highest trading volume:
Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog).
Since then, its popularity has substantially increased, especially in the past couple of years, mostly thanks to support by billionaires Elon Musk and Mark Cuban (the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” , to the point that it is currently the 10th most valuable cryptocurrency, with a market cap of over $9.96 billion. In fact, in 2019, Musk said that $DOGE might be his favorite cryptocurrency.
On 19 June 2022, Musk tweeted that he will keep supporting Dogecoin, which was not too surprising given that he has been saying nice things on Twitter about Dogecoin for the past three years.
On 5 August 2022, the Tesla CEO had this to say about $DOGE:
“I’m mainly supporting DOGE frankly because I think DOGE has the memes and the dogs, and has a sense of humor, and doesn’t take itself too seriously...
“And I do think, actually weirdly, even though DOGE was just designed to be this ridiculous joke currency, the actual transactional throughput capability of DOGE is much higher than Bitcoin. And the fact that there’s five billion DOGE created every year is actually I think good for using it as a transactional currency.”